Lucid Group (NASDAQ:LCID) Stock Price Down 2.3% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID)’s share price traded down 2.3% on Monday . The stock traded as low as $2.55 and last traded at $2.57. 15,405,995 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 33,443,141 shares. The stock had previously closed at $2.63.

Analysts Set New Price Targets

Several research firms have weighed in on LCID. Robert W. Baird reiterated a “neutral” rating and set a $3.00 price objective on shares of Lucid Group in a research report on Monday, October 7th. Cfra set a $2.00 price objective on Lucid Group in a research note on Thursday, October 17th. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Wednesday, September 11th. Cantor Fitzgerald restated a “neutral” rating and set a $4.00 price target on shares of Lucid Group in a report on Tuesday, October 8th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 price objective on shares of Lucid Group in a research note on Thursday, September 12th. One research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $3.54.

Lucid Group Price Performance

The company’s 50 day moving average price is $3.51 and its 200 day moving average price is $3.10. The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.45 and a current ratio of 3.96. The company has a market cap of $5.74 billion, a price-to-earnings ratio of -2.01 and a beta of 1.04.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Monday, August 5th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). Lucid Group had a negative net margin of 390.39% and a negative return on equity of 55.35%. The business had revenue of $200.58 million during the quarter, compared to analyst estimates of $190.30 million. The business’s quarterly revenue was up 32.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.40) earnings per share. On average, equities research analysts predict that Lucid Group, Inc. will post -1.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Lucid Group news, SVP Eric Bach sold 89,959 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $3.14, for a total transaction of $282,471.26. Following the transaction, the senior vice president now owns 2,028,268 shares of the company’s stock, valued at $6,368,761.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 61.26% of the company’s stock.

Hedge Funds Weigh In On Lucid Group

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Lucid Group by 12.4% in the fourth quarter. Vanguard Group Inc. now owns 83,250,900 shares of the company’s stock worth $350,486,000 after purchasing an additional 9,175,312 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Lucid Group by 42.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,438,897 shares of the company’s stock worth $6,951,000 after purchasing an additional 732,463 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Lucid Group by 27.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,681,982 shares of the company’s stock valued at $7,000,000 after purchasing an additional 581,082 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of Lucid Group by 946.6% in the 1st quarter. Janus Henderson Group PLC now owns 524,662 shares of the company’s stock valued at $1,493,000 after purchasing an additional 474,534 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Lucid Group by 226.4% during the 1st quarter. SG Americas Securities LLC now owns 434,444 shares of the company’s stock worth $1,238,000 after buying an additional 301,349 shares in the last quarter. Institutional investors own 75.17% of the company’s stock.

About Lucid Group

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.